Bancor (BNT)

$0.325315 (1.51%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
163 $20,364,000.00 $7,363,510.00 62,597,900 BNT 51 1.51% 1.06% -$4.91

Exchange Pair Volume (24h) Price
Binance BNT/BTC 16,522.91 0.0000372300
Poloniex BNT/BTC 69.78 0.0000373800
Bittrex BNT/BTC 155.46 0.0000374500
CoinBene BNT/BTC 662,657.00 0.0000372400
HitBTC BNT/BTC 13,388.14 0.0000370600
HitBTC BNT/USD 17,958.70 0.3184410000
Bitrue BNT/BTC 1,246.35 0.0000372300
Binance BNT/ETH 509.73 0.0017400000
OKEx BNT/USDT 17,040.77 0.3200000000
Livecoin BNT/BTC 199.91 0.0000366500
YoBit BNT/WAVES 2.26 0.4189801400
AEX BNT/USDT 1,841,923.00 0.3100000000
ChainEX BNT/BTC 24,020.00 0.0000369800
YoBit BNT/DOGE 0.12 114.1998017300
YoBit BNT/RUR 0.02 19.8371400000
IDCM BNT/BTC 4,129,017.00 0.0000374400
IDCM BNT/USDT 1,222,727.00 0.3211000000
IDCM BNT/ETH 893,959.00 0.0017490700
Bancor Network ETH/BNT 79,015.00 576.2030777984
Bancor Network BAT/BNT 6,619.45 0.8601170252
Bancor Network ENJ/BNT 4,983.30 0.2084394914
Bancor Network RCN/BNT 4,855.37 0.1487171923
Bancor Network VEE/BNT 4,499.62 0.0076048417
Bancor Network RLC/BNT 4,424.03 2.6574592521
Bancor Network POE/BNT 4,122.04 0.0080306560
Bancor Network LOC/BNT 3,419.26 1.4547515606
Bancor Network MRPH/BNT 3,004.28 0.4843102196
Bancor Network J8T/BNT 2,477.40 0.0018144062
Bancor Network XDCE/BNT 2,165.24 0.0027699944
Bancor Network REM/BNT 1,872.27 0.0118390181
Bancor Network SAN/BNT 1,822.09 0.9348706855
Bancor Network OMG/BNT 1,808.94 3.2251090590
Bancor Network AMPL/BNT 1,516.76 3.6753286864
Bancor Network MFT/BNT 1,516.31 0.0037052784
Bancor Network PLR/BNT 1,479.65 0.1270469283
Bancor Network FTX/BNT 1,470.17 0.0287548385
Bancor Network TNS/BNT 1,383.21 0.0047460070
Bancor Network REQ/BNT 1,376.89 0.0477144936
Bancor Network SRN/BNT 1,245.85 0.0267297641
Bancor Network DAI/BNT 1,223.83 3.1581929998
Bancor Network VIB/BNT 1,189.43 0.0974581404
Bancor Network AMN/BNT 1,164.98 0.0030337312
Bancor Network MKR/BNT 1,044.79 2,075.4605984279
Bancor Network MDT/BNT 1,035.61 0.0392618766
Bancor Network ELI/BNT 996.84 0.1048156634
Bancor Network STX/BNT 738.50 0.0402672348
Bancor Network ONG/BNT 658.88 0.0050097060
P2PB2B BNT/USDT 612.08 0.3195000000
Bancor Network FLIXX/BNT 582.41 0.0175691309
Bancor Network ELF/BNT 564.17 0.2615780681
Bancor Network DRGN/BNT 559.48 0.1008259121
Bancor Network DRT/BNT 541.36 0.0030653599
P2PB2B BNT/USD 530.85 0.3195000000
P2PB2B BNT/BTC 505.11 0.0000373000
Bancor Network POA20/BNT 480.15 0.0505805302
Bancor Network GTO/BNT 473.57 0.0417435946
Bancor Network KNC/BNT 455.68 0.5478919736
Bancor Network ELET/BNT 433.84 0.0316460996
Bancor Network GNO/BNT 393.11 47.9465478371
Bancor Network XNK/BNT 382.26 0.0029391692
Bancor Network CMCT/BNT 359.16 0.0017752121
Bancor Network MANA/BNT 354.92 0.0919670777
Bancor Network POWR/BNT 351.49 0.1482799752
Bancor Network WINGS/BNT 271.14 0.0662564760
Bancor Network EDG/BNT 260.18 0.0293181769
Bancor Network DATA/BNT 232.66 0.0385145950
Bancor Network HOT/BNT 192.07 0.0132815807
Bancor Network SPD/BNT 189.75 0.0006048096
Bancor Network MTL/BNT 186.33 1.1230460976
Bancor Network MFG/BNT 177.56 0.0027243710
Bancor Network HEDG/BNT 160.78 2.3354227939
Bancor Network AID/BNT 155.73 0.0367454160
Bancor Network REAL/BNT 132.39 0.1330251047
Bancor Network RBLX/BNT 110.70 0.4783675745
Bancor Network SIG/BNT 102.25 0.0006439915
Bancor Network CAN/BNT 96.55 0.0281221215
Bancor Network TRST/BNT 94.54 0.0520675833
Bancor Network FXC/BNT 90.57 0.0073165471
Bancor Network TKN/BNT 81.41 1.1502742740
Bancor Network SNT/BNT 70.66 0.0403979952
Bancor Network TBX/BNT 31.00 0.0399060288
Kyber Network BNT/ETH 26.33 0.0017182782
Bancor Network USDQ/BNT 18.93 3.0614769557
Bancor Network ANT/BNT 18.34 2.1723999312
P2PB2B BNT/ETH 16.30 0.0017420000
Bancor Network MYB/BNT 12.92 0.0018621072
Bancor Network WAX/BNT 10.71 0.1200845453
Bancor Network LOCI/BNT 7.93 0.0029170445
Bancor Network XPAT/BNT 4.42 0.0000067048
Bancor Network AIX/BNT 0.11 0.0008370009
OKEx Korea BNT/USDT 0.00 0.3160000000
Bancor Network IQ/BNT 0.00 0.0059887910
Bancor Network EOS/BNT 0.00 10.5752187038
Bancor Network FKX/BNT 0.00 0.0043953466
Bancor Network SENSE/BNT 0.00 0.0267477723
Bitrue BNT/ETH 2.65 0.0016990000
HitBTC BNT/ETH 0.03 0.0017300800
OKEx BNT/BTC 1,886.48 0.0000380000
Upbit BNT/BTC 26.06 0.0000355500
YoBit BNT/ETH 4.54 0.0016280700

Background

Bancor targets a growing market for small cap crypto assets not listed on major exchanges which typically demand high liquidity. The Bancor Network, built on top of the Ethereum blockchain, facilitates token issuance and offers an open marketplace for crypto assets with potentially thin supply, e.g. tokenized merchandise by a local music band. Tokens trade instantly, on-chain, and can be made directly from any Ethereum wallet. User fees are limited to the gas needed to process the transaction via the Ethereum blockchain. Exchanges are governed by the Bancor Protocol and a novel extension of the ERC20 token standard called Smart Token. Continuous liquidity and deterministic price slippage is guaranteed for Smart Tokens through price and supply regulation encoded in the Smart Token contract. In effect, a Smart Token contract functions as a completely automated and decentralized central bank for the underlying token. The Smart Token standard can accommodate fiat trades (introduced in Q2 2018) and potentially non ERC20 tokens. Most notably, the protocol aims to integrate with EOSIO mainnet blockchain. [1] Smart Token applications are not limited to plain utility tokens. Smart Token contracts can act as a decentralized exchange for any ERC20-compliant tokens (Smart Tokens included); as a stable peg to another crypto asset (including non-ERC20 tokens, once cross-blockchain support is implemented); or serve as an intermediary token for exchanging token pairs not explicitly supported by Smart Token contracts in the network. The later is the main purpose of Bancor’s own Smart Token, BNT, which can be exchanged to all Smart Tokens in the Bancor Network rendering all token pairs in the network interchangeable. Further potential applications of Smart Tokens are described in the whitepaper including an elegant solution for on-chain price oracles. While any ERC20-compatible token can be exchanged within the Bancor Network, the team’s primary mission is to bring liquidity to low cap tokens. As the crypto economy grows, it is expected low cap crypto assets will eventually make up a significant fraction of the total market capitalisation. Similar long tail phenomenon are observed in mature online markets, for example books with too little volume to be carried by regular bookstores make up an estimated 30-40% of the titles sold on Amazon.

Technology

The main technical difference between the Bancor Network and other decentralized exchanges such as KyberNetwork or 0x is automatic market making that dynamically adjusts token supply in response to market orders. Each Smart Token has one or a few reserve tokens, called connector tokens, that can be exchanged for Smart Tokens. Each contract holds a reserve of connector tokens which is initially funded via the Smart Token issuance. [2] The market price is deterministic with zero spread and no counterparty needed to fill an order. Instead, the Smart Token smart contract automatically either mints or burns the required amount of Smart Tokens with an offsetting transaction to top up or withdraw from the connector token balance in return. The price at which the order is filled is calculated so that the ratio between the connector token balance and the value of outstanding Smart Tokens remains unchanged. This fixed ratio, called connector weight, is always in the range between 0% and 100%, defining price elasticity. [3] In other words, connector weight defines how aggressively the Smart Token price surges in response to buy orders, with 100% representing a stable peg. Smart Tokens can be traded on external exchanges as well, while arbitrage opportunities are expected to eventually even out the prices offered by the Bancor Network and elsewhere. Connector weights and the number of connectors are set by the issuer upon smart contract creation and define the use case scenario of the token. Tokens with total connector weight below 20% are considered liquid. For example, the Bancor Network Token (BNT) has a single ETH connector with a weight of 10%, which makes it relatively stable (in terms of historical volatility) against ETH while leaving room for growth. Configurations with a total connector weight of 100% may have one, two, or more connectors. A configuration with a single connector, called a Proxy Token, makes a stable peg, allowing existing ERC20 tokens to be backward compatible with the Bancor Network. Two or more connectors may be used, such configurations are called Relay and Array tokens, to make a trustless index token with pro rata share adjusted value of connector tokens. The team expects more applications to appear as new features are implemented. The major risk for the Bancor Network is the premise that low cap crypto assets will represent a substantial user base and market share. While virtually any asset can potentially be exchanged on the platform, the team rightly focuses on tokens with low liquidity thus targeting a niche with less competition. Already liquid assets are unlikely to generate volume in the Bancor Network. Indeed, for orders with large volumes the quoted price will likely to be worse than what is offered on high-volume exchanges due to price slippage. To date, the Bancor Network, like other decentralized exchanges has struggled to show substantial daily volume, which is typically range bound between $1-10 million comparing to $1-2 billion for the largest centralized exchanges. It is not clear at the moment if and when the long tail phenomenon will reveal itself for crypto assets. Like other decentralized exchanges, technological risks include the dependence on the underlying Ethereum blockchain and attack vectors on the pricing mechanism, e.g. front-running orders. [5] While not seriously affecting the operation of the Bancor Network at the moment, such risks may become relevant if the platform succeeds in attaining large trading volumes.



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